{"id":564589,"date":"2021-02-15T13:50:05","date_gmt":"2021-02-15T13:50:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/dreaded-fy2020-earnings-season-is-upon-us\/"},"modified":"2021-02-15T13:50:05","modified_gmt":"2021-02-15T13:50:05","slug":"dreaded-fy2020-earnings-season-is-upon-us","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/dreaded-fy2020-earnings-season-is-upon-us\/","title":{"rendered":"Dreaded FY2020 earnings season is upon us"},"content":{"rendered":"

<\/a> The EGX30 rose 0.2% at today\u2019s close<\/strong> on turnover of EGP 1.6 bn (10.1% above the 90-day average). Foreign investors were net sellers. The index is up 6.28% YTD.<\/p>\n

In the green: <\/strong>MM Group (+11.2%), Fawry (+2.4%) and Palm Hills Development (+1.2%).<\/p>\n

In the red: <\/strong>Export Development Bank of Egypt (-1.7%), ElSewedy Electric (-1.4%) and Sidi Kerir Petrochemicals (-1.4%).<\/p>\n

EARNINGS SEASON IS IN FULL SWING<\/strong>, with a number of companies releasing their FY2020 earnings reports (a tough FY if there ever was one). Prime Research feels that so far, results have had a minimal impact on market movements, with \u201chyped stocks\u201d including MM Group and ANFI moving independent of earnings.<\/p>\n

Odin Investments sank deeper into the red in 2020<\/strong>, producing a net loss of EGP 2.2 mn, down 84% from a EGP 1.2 mn loss the year before, according to the company\u2019s earnings release (pdf).<\/a> This came despite revenue increasing 25% to EGP 16.79 mn.<\/p>\n

State-owned Egyptalum\u2019 net losses eased<\/strong> to EGP 341 mn in 2H2020 from EGP 596 mn in the same period in 2019, the company said in an EGX filing (pdf)<\/a>.<\/p>\n

Egypt Gas\u2019 net profits fell almost 50% to EGP 84.6 mn in 2020<\/strong>, down from EGP 164.9 mn the year before, according to an EGX filing (pdf)<\/a>. Revenues rose to more than EGP 4 bn, compared to EGP 3.75 bn in 2019.<\/p>\n

MARKET MOVING NEWS- <\/strong><\/p>\n

Bidding war for ANFI intensifies:<\/strong> A consortium of investors that includes Egyptian businessman Ahmed El Saba and Saudi Arabia\u2019s Mostafa El Humeidan has made a bid to acquire 75-90% stake in Alexandria National Company for Financial Investments (ANFI) at a price of EGP 7.48 per share, ANFI announced today in a bourse filing (pdf)<\/a>. This is the third offer to acquire the brokerage house in as many months, after Zeta Investments<\/a> submitted an offer to purchase 90% of ANFI at EGP 5.51 per share, and Kayan Sustainable Development<\/a>, which is also looking to buy 90% of the firm.<\/p>\n

Who owns what?<\/strong> KWIN currently owns some 40% of ANFI\u2019s shares, while ADIB directly holds 9%. The Gulf lender has a total indirect stake amounting to 84.99%, due to owning a 74.75% stake in KWIN and its subsidiary, ADI Lease, holding a 34.99% stake.<\/p>\n

ALSO FROM THE EGX-<\/strong> The board of Maridive Oil & Services <\/strong>has approved the sale of of 100% of its subsidiary Maridive Offshore Projects to Jeddah-based Al Subaie Investment Group<\/strong> for USD 48 mn, the company said in a bourse statement (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX30 rose 0.2% at today\u2019s close on turnover of EGP 1.6 bn (10.1% above the 90-day average). Foreign investors were net sellers. The index is up 6.28% YTD. In the green: MM Group (+11.2%), Fawry (+2.4%) and Palm Hills Development (+1.2%). In the red: Export Development Bank of Egypt (-1.7%), ElSewedy Electric (-1.4%) and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[3714,409,1008,633,642,7128,2840,1165],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564589","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-alexandria-national-company-for-financial-investments","tag-earnings-watch","tag-egypt-aluminum","tag-enterprisepm","tag-go-with-the-flow","tag-ma-watch","tag-maridive","tag-odin-investments","wpautop","entry"],"acf":{"mongo_id":"7f01d21d-dcfe-498f-8969-7b061bc677d0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564581],"teaser":"","voice_url":""},"yoast_head":"\nDreaded FY2020 earnings season is upon us - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/dreaded-fy2020-earnings-season-is-upon-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dreaded FY2020 earnings season is upon us\" \/>\n<meta property=\"og:description\" content=\"The EGX30 rose 0.2% at today\u2019s close on turnover of EGP 1.6 bn (10.1% above the 90-day average). 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The company recorded EGP 16 bn in revenues during FY2020-2021 from 14.5bn during FY2019-2020, up 11% compared to\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564749,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/24\/vodafones-bee-and-masary-acquisitions-confirmed-elsewedy-electrics-sees-net-profits-fall-25-in-2020\/","url_meta":{"origin":564589,"position":1},"title":"Vodafone\u2019s Bee and Masary acquisitions confirmed, ElSewedy Electrics sees net profits fall 25% in 2020","author":"enterpriseam admin","date":"24 February 2021","format":false,"excerpt":"The EGX30 rose 0.2% at today\u2019s close on turnover of EGP 1.59 bn (8.7% above the 90-day average). Local investors were net buyers. The index is up 5.44% YTD.In the green: MM Group (+11.6%), Orascom Development Holding (+2.6%) and Cleopatra Hospital (+2.0%).In the red: Fawry (-3.9%), Sodic (-2.4%) and Orascom\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565321,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/earnings-watch-arabia-investments-holding-sinai-cement\/","url_meta":{"origin":564589,"position":2},"title":"Earnings Watch: Arabia Investments Holding, Sinai Cement","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"The EGX30 ended today\u2019s session flat on turnover of EGP 1.0 bn (30.8% below the 90-day average). Local investors were net buyers. The index is down 2.6% YTD.In the green: Heliopolis Housing (+7.7%), Cleopatra Hospital (+4.1%) and Orascom Financial (+3.2%).In the red: Abu Qir Fertilizers (-2.1%), CI Capital (-1.5%) and\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545480,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/earnings-watch-oih-domty-arabia-investments-holding\/","url_meta":{"origin":564589,"position":3},"title":"Earnings watch: OIH, Domty, Arabia Investments Holding","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"EARNINGS WATCH-Orascom Investment Holding saw a bottom line of EGP 564.0 mn in FY2021 compared to losses of EGP 103.22 mn in FY2020, according to the company\u2019s financials (pdf). Revenues rose 495.2% y-o-y to EGP 27.92 mn in 2021.Domty\u2019s bottom line fell 54% y-o-y to EGP 72.4 mn in 2021,\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/alex-pharma-earnings-slip-in-fy2020-2021\/","url_meta":{"origin":564589,"position":4},"title":"Alex Pharma earnings slip in FY2020-2021","author":"enterpriseam admin","date":"4 August 2021","format":false,"excerpt":"Alexandria Pharma and Chemical Industries reported a 27% decrease in net annual income to EGP 131.5 mn in its 2020-2021 fiscal year that ended in June, down from EGP 170.05 mn the year before, according to the company\u2019s earnings statement (pdf). Revenues were up 9.5% y-o-y to EGP 1.12 bn,\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558033,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/20\/alex-container-sees-6-drop-in-bottomline\/","url_meta":{"origin":564589,"position":5},"title":"Alex Container sees 6% drop in bottomline","author":"enterpriseam admin","date":"20 September 2021","format":false,"excerpt":"EARNINGS WATCH- Alexandria Container and Cargo Handling Company\u2019s bottomline dropped 6% y-o-y in FY2020-21 to EGP 1.4 bn from EGP 1.5 bn, according to the company\u2019s financials (pdf). Revenues dropped 7% y-o-y to EGP 2.4 bn from EGP 2.6 bn. THE MARKET ROUNDUP- The EGX30 fell 1.6% at today\u2019s close\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564589"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564589\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564581"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564589"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564589"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}